Horngren's Financial & Managerial Accounting The Financial Chapters (6th Edition)
6th Edition
ISBN: 9780134491790
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 9QC
Clean Water Softener Systems has Cash of $600,
a. 2.71
b. 2.50
c. 0.63
d. 0.37
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Clean Water Softener Systems has Cash of $600, Accounts Receivable of $900, and Office Supplies of $400. Clean owes $500 on Accounts Payable and has Salaries Payable of $200. Clean’s current ratio is
2.71
2.50
0.63
0.37
Smith Company had $20,000 in Cash, $17,000 in Accounts Receivable, $3,500 in Supplies, $4,800 in Prepaid Insurance, $8,000 in Accounts Payable, and $5,550 in Wages Payable. What is Smith Company's quick ratio?
a.3.1
b.2.9
c.2.7
d.1.5
The income statement of Mus Plaga Services for the year ending 31 May 2021 showed service revenue of $98 000. Sales made by the business is 80% received in cash and the remaining on account. The balance sheet as at 31 May 2020, showed accounts receivable of $12 700 and the 2021 balance sheet showed customers owned the business $14 500 from credit sales.Calculate the cash received from customers.A. 96 200 B. 98 000 C. 78 400 D. None of the other answers E. 99 800
Chapter 4 Solutions
Horngren's Financial & Managerial Accounting The Financial Chapters (6th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Prob. 4.1SECh. 4 - Prob. 4.2SECh. 4 - Prob. 4.3SECh. 4 - Prob. 4.4SECh. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Prob. 4.7SECh. 4 - Prob. 4.8SECh. 4 - Prob. 4.9SECh. 4 - Prob. 4.10SECh. 4 - Prob. 4.11SECh. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Prob. 4.14SECh. 4 - Prob. 4.15SECh. 4 - E4-16 Preparing the financial statements
The...Ch. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Prob. 4.25ECh. 4 - Prob. 4.26ECh. 4 - Prob. 4.27ECh. 4 - Prob. 4.28ECh. 4 - P4-29A Preparing financial statements including a...Ch. 4 - Prob. 4.30APCh. 4 - Prob. 4.31APCh. 4 - Prob. 4.32APCh. 4 - Prob. 4.33APCh. 4 - Prob. 4.34APCh. 4 - Prob. 4.35BPCh. 4 - Prob. 4.36BPCh. 4 - P4-37B Preparing a worksheet, financial...Ch. 4 - P4-38B Completing the accounting cycle from...Ch. 4 - Prob. 4.39BPCh. 4 - Prob. 4.40BPCh. 4 - Prob. 42CPCh. 4 - Prob. 43PSCh. 4 - Prob. 4.1CPCh. 4 - This comprehensive problem is a continuation of...Ch. 4 - Prob. 4.TICh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSCCh. 4 - Prob. 4.1TP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020:Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0.The company also presented the following transactions for the month:June 1. Purchased supplies for $1000 on accountJune 4. Purchased a building for, $62,100 cashJune 6. Performed service for a client on account, $12,000June 10. Borrowed $7,000 cash, signing a note payableJune 13. Paid the liability from June 1June 17. Sold for $15,000 land that had cost this same amountJune 21. Received $8000 cash from June 06 transactionJune 30. Paid utilities expense of $600 and salary expense $2,500 Requirements:1. State the effect each transaction from June 1st-30th will have on the accounting equation. For example, the transaction increased asset and increased capital; the transaction…arrow_forwardGibson, Pty, Ltd. a retailer, reports the following information: Accounts Payable $600 Accounts Receivable $5,200 Cash $7,000 Loan Payable in 6 months $4,400 Revenue received in advance $12,000 Bank Loan – Mortgage $30,000 Retained Profits $7,800 Inventory $10,200 Buildings $17,600 Office Supplies $1,600 What is the most likely amount for the company's current liabilities? Select one: a. $35,000. b. $17,000. c. $600. d. $47,000. e. $5,000.arrow_forwardCastile Inc. had a beginning balance of $2,300 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $37,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,200. During the period, the company recognized $33,800 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.arrow_forward
- Quality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 10 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: State the effect each transaction from June 1st -30th will have on the…arrow_forwardQuality Service Inc.has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0;Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 landthat had cost this same amount June 21. Received $8000 cash from June 6 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: State the effect each transaction from June 1st -30th will have on the accounting…arrow_forwardQuality Service Inc. has the following accounts balances in their charts of accounts balances as at June 1, 2020: Cash $138,000; Accounts receivable $0; Land $ 30,000; Building $0; Supplies $0; Accounts payable $0; Notes payable $0; Quality-capital $70,000; Service revenue $98,000; Utilities, salary expense $0. The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on account June 4. Purchased a building for, $62,100 cash June 6. Performed service for a client on account, $12,000 June 10. Borrowed $7,000 cash, signing a note payable June 13. Paid the liability from June 1 June 17. Sold for $15,000 land that had cost this same amount June 21. Received $8000 cash from June 10 transaction June 30. Paid utilities expense of $600 and salary expense $2,500 Requirements: State the effect each transaction from June 1st -30th will have on the…arrow_forward
- From the listed items below, what is net income (loss)? Accounts Payable $600 Accounts Receivable 2,250 Cash 2,875 Service Revenue 5,950 Notes Payable 700 Jill Luckovich, Capital 6,725 Office Furniture $3,000 Jill Luckovich, Withdrawals 350 Rent Expense 2,500 Salaries Expense 2,200 Telephone Expense 1,250 Select one: a. $6,375 b. $0 c. $5,950 d. $6,725 e. $1,250arrow_forwardBased on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400arrow_forwardStrom Inc. provided interior design services for $170,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. Which of the following is correct? Multiple Choice Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $169,150 Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $170,000 Strom Inc. would have an increase in Cash of $169,150 and Service Revenue of $169,150 Strom Inc. would have an increase in Cash of $170,000 and Service Revenue of $169,150 None of the choices are correctarrow_forward
- Swifty Company showed the following balances at the end of its first year: Cash $3, 930 Prepaid insurance 6, 910Accounts receivable 4, 990 Accounts Payable 5, 960 Notes payable 15, 930 Owner's Capital 4, 090 Owner's Drawings960 Revenues 54, 500 Expenses 24, 800 What did Swifty Company show as total credits on its trial balance a. 49, 590 b• 54, 500 c. 60, 480 d. 80,480arrow_forwardReliable Movers had the following account balances, in random order, on December 15, 2002 (all accounts have their “normal” balances):Moving fees earned.................. $ 87,200 Cash............................................ $ 2,400 Accounts receivable ................. 5,800 Storage fees earned .................. 19,300 Rent expense ............................. 15,700 Notes receivable........................ 15,000 R. Sprott, Capital ...................... 50,000 Utilities expense........................ 800Office supplies expense ........... 700 Office supplies .......................... 3,200 Mortgage payable..................... 13,000 Accounts payable ..................... 11,000 Salaries expense........................ 53,700 Office equipment ...................... 4,100 Insurance expense .................... 2,100 Moving equipment................... 77,400 The following events took place during the final days of the year:Dec. 16The accountant discovered that an error had…arrow_forwardWilm Schmidt, the owner of Wilm’s Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm’s Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 13,200 Accounts receivable 10,840 Prepaid insurance 4,000 Equipment 40,000 Accounts payable $ 11,000 Wilm Schmidt, capital 61,000 Wilm Schmidt, withdrawals 10,560 Service revenues 67,300 Salaries expense 33,600 Insurance expense 6,800 Maintenance expense 14,600 Utilities expense 6,800 Total $ 140,400 $ 139,300 The following errors were discovered: Schmidt did not post a $3,500 purchase of equipment on credit. In posting a $2,200 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,550 but…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY